It doesn't take a scientist to conclude that spending like crazy, especially on things that don’t have anything to do with your core business, in a panic urge to get into the media business, can bring you nothing good. Here is an interesting article that I found, that goes a little deeper into the reasons why Verizon is beating us and how sticking to developing their core business worked out for them.
https://www.investopedia.com/news/why-att-losing-ground-verizon/